Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 month ago

Can i become millionaire by buying and selling houses?

13 Answers

Relevance
  • 1 month ago

    Possibly.  Or it could ruin you financially.  You just have to know what you are doing and get some good breaks.

    • 1 month agoReport

      http://bit.ly/2wGQsnv

    • Commenter avatarLogin to reply the answers
  • 1 month ago

    you know that's what trump used to do.

    • Commenter avatarLogin to reply the answers
  • 1 month ago

    Sure, but not overnight.  In time, adding your sales, if you are a successful agent, you should do alright.

    • Commenter avatarLogin to reply the answers
  • 1 month ago

    Yes.....just stay diligent.  I made my first million in real estate before I was 30.

    • Glenn S
      Lv 7
      1 month agoReport

      The big problem with amassing a lot of real estate is two things.  The high cost selling a property, the capital gains taxes and the deprecation recapture.  It's normal to lose 25% to 50% of value if you need to sell. 

    • Commenter avatarLogin to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • Mark
    Lv 6
    1 month ago

    "If it was easy, everyone would do it".  It's like anything else.  Can you become a millionaire by being an actor?  Athlete? Lawyer? Sure.  But all involve talent, hard work, and a certain amount of luck.  For every successful flipper, there's one on bankruptcy.

  • Anonymous
    1 month ago

    yes                               

    • Commenter avatarLogin to reply the answers
  • 1 month ago

    Yeah but it'll take years of hard effort. I'd guess maybe 1 in 10 to 1 in 20 makes it, but if you are in the top 5% of everyone trying to make it....

    • wombatfreaks
      Lv 7
      1 month agoReport

      An analysis RealtyTrac ran for MONEY showed that 12% of flips sold at break-even or at a loss before all expenses. In 28% of flips, the gross profit was less than 20% of the purchase price. Twenty percent is “typically the minimum that would at least cover rehab costs,

    • Commenter avatarLogin to reply the answers
  • Judy
    Lv 7
    1 month ago

    maybe......................................

    • Commenter avatarLogin to reply the answers
  • 1 month ago

    The odds are quite against you.

    • Glenn S
      Lv 7
      1 month agoReport

      Real estate has created more millionaires in the U.S.  than any other way.  Besides a million dollars is not all that much in today's world.  That's like having $100,000 back in the 1970's.

    • Commenter avatarLogin to reply the answers
  • Anonymous
    1 month ago

    Sure, if you do it over a period of many decades and you save & invest regularly.

    If you mean in 3 years. No way.

    • Commenter avatarLogin to reply the answers
Still have questions? Get your answers by asking now.